Goldman Sachs is unveiled

The mystique that Goldman Sachs has cultivated continues to fade, revealing an unexceptional substance that is shared by its rivals.

Since Greg Smith’s resignation letter was published in The New York Times last week, commentators have rushed to agree with his complaint about the sad decline of the culture at Goldman Sachs. Smith’s previous employer has, during the past few years, apparently abandoned its client-supportive business model for the false god of short-term profits.

It’s alleged that clients are denigrated behind their backs and fooled into making poor investments ones that Goldman has probably...